Consumption Habits Change, and Don't
No. 31: We are consuming differently, not necessarily more
A Number to Consider: 8.8
Back in 2016, the average American household had four streaming services. Today, that number has exploded to 8.8 services per house in America. (For the record, my house has four streaming services: Hulu, Netflix, Amazon Prime, and HBOmax.)
The same report broke down subscriptions by generational-cohort and found that the younger the generation, the higher the average services per household. Is that because the younger crowd likes to sit on their ass and watch entertainment all day? Nah. But it does mean they (and we) are selecting what and how we watch based on the content available.
It also explains why newsletters (like this one on Substack) and so many others have exploded in the last year. We want content that we want, not that we are forced to have. And we want flexibility in how and when we consume. And how and when we choose to unsubscribe.
My friend Jeremy Linaburg asked a question on Twitter this week that made me laugh:
I subscribe to close to 20 newsletters; all different in their frequency and topic-area, but they all provide targeted value. (Well, after this Tweet, I did unsubscribe from two.)
But at 8.8 streaming services per household, it is important to remember: people consume when and how they want and are just a day away from hitting the unsubscribe button.
Tweet of The Week
This Tweet from Brianne surprised … and didn’t surprise me. Too many clients think talking about their thinking, sharing their expertise, and giving it away means they won’t have clients.
But they are dead wrong. There are no secrets in our democratized economy, just differences in strategy and execution.
Something to Consider
Last week, Taco Bell announced a membership / subscription service: The Taco Lover’s Pass.
And while I don’t love how they have designed the program, it gave me pause and got me thinking about all the opportunities out there for businesses to create their own membership programs. For the last few years (and it is picking up steam), banks have been looking at ways to reduce the painful fees their customers have when they overdraw their accounts. Bank of America is the latest to do so. Of course they hope to find ways to make up that lost income. Just as a restaurant needs to fill the income gap cause by the pandemic and increased wages.
Think about all the ways you can create membership / subscription programs for your product or service; there is something for every industry.
3 Quick Takes
Clubhouse vs. Twitter Spaces (via HubSpot)
Wine Soundtrack USA (with my friend Jake Stuessy)